Bernard Aybran

“While high yield debt has been the most favoured asset class in many regions, over the first half of this year, some warning signs have emerged on the asset class, which have made us take a little bit risk off the table on this part of the portfolio, though keeping the fixed income part hardly increased. The proceeds have been used to increase somewhat the short duration emerging debt. On the equity part of the portfolio, diversification outside Europe has been increased, through existing holdings on the US. Going forward, a rather cautious stance should be kept on the portfolio.”